Segment reporting (Tables)

12 Months Ended

Dec. 31, 2019

The following is a summary of the Company’s operating segment results for the years ended December 31, 2019, 2018 and 2017:



	2019						2018						2017
	Property and Casualty Reinsurance			Total			Property and Casualty Reinsurance			Total			Property and Casualty Reinsurance			Total
Revenues
Gross premiums written	$	631,846		$	631,846		$	578,252		$	578,252		$	641,620		$	641,620
Gross premiums ceded	(9,265		)	(9,265		)	(19,895		)	(19,895		)	(2,475		)	(2,475		)
Net premiums written	622,581			622,581			558,357			558,357			639,145			639,145
Change in net unearned premium reserves	77,561			77,561			63,085			63,085			(92,087		)	(92,087		)
Net premiums earned	700,142			700,142			621,442			621,442			547,058			547,058
Expenses
Loss and loss adjustment expenses incurred, net	403,499			403,499			438,414			438,414			370,058			370,058
Acquisition costs, net	295,626			295,626			206,498			206,498			188,904			188,904
General and administrative expenses	23,366			23,366			18,635			18,635			30,656			30,656
Total expenses	722,491			722,491			663,547			663,547			589,618			589,618
Net underwriting loss	$	(22,349	)	(22,349		)	$	(42,105	)	(42,105		)	$	(42,560	)	(42,560		)
Net investment income (loss)				282,560						(251,433		)				391,953
Corporate expenses				(30,397		)				(17,606		)				(22,447		)
Other expenses				(16,619		)				(9,610		)				(12,674		)
Interest expense				(8,228		)				(8,228		)				(8,225		)
Foreign exchange gains (losses)				(3,635		)				7,503						(12,300		)
Income tax (expense) benefit				(713		)				4,010						(11,976		)
Net income attributable to noncontrolling interests in related party				—						(223		)				(3,973		)
Net income (loss) available to Third Point Re common shareholders				$	200,619					$	(317,692	)				$	277,798

Property and Casualty Reinsurance - Underwriting Ratios ⁽¹⁾:
Loss ratio	57.6		%				70.6		%				67.6		%
Acquisition cost ratio	42.2		%				33.2		%				34.5		%
Composite ratio	99.8		%				103.8		%				102.1		%
General and administrative expense ratio	3.4		%				3.0		%				5.6		%
Combined ratio	103.2		%				106.8		%				107.7		%


(1)	Underwriting ratios are calculated by dividing the related expense by net premiums earned.

Schedules of number of contracts that individually contributed more than 10% of total gross premiums written

The following table lists the number of contracts that individually contributed more than 10% of total gross premiums written for the years ended December 31, 2019, 2018 and 2017 as a percentage of total gross premiums written in the relevant year:



	2019		2018		2017
Largest contract	15.2	%	17.5	%	16.1	%
Second largest contract	n/a		12.1	%	14.1	%
Third largest contract	n/a		n/a		13.1	%
Total for contracts contributing greater than 10% each	15.2	%	29.6	%	43.3	%
Total for contracts contributing less than 10% each	84.8	%	70.4	%	56.7	%
	100.0	%	100.0	%	100.0	%

The following table lists counterparties with whom the Company has reinsurance balances receivable representing more than 10% of the Company’s total reinsurance balances receivable as of December 31, 2019 and 2018:



	December 31, 2019				December 31, 2018
Counterparty 1	$	114,252	19.2	%	$	86,155	14.3	%
Counterparty 2	105,992		17.8	%	83,079		13.8	%
Counterparty 3	88,895		14.9	%	69,641		11.6	%
	309,139		51.9	%	238,875		39.7	%
Other counterparties representing less than 10% each	286,981		48.1	%	363,573		60.3	%
Reinsurance balances receivable	$	596,120	100.0	%	$	602,448	100.0	%

Schedule of breakdown of the Company’s gross premiums written by line of business

The following table provides a breakdown of the Company’s gross premiums written by line of business for the years ended December 31, 2019, 2018 and 2017:



	2019				2018				2017
Property	$	144,271	22.8	%	$	9,070	1.6	%	$	136,999	21.4	%
Casualty	151,893		24.0	%	235,789		40.8	%	269,759		42.0	%
Specialty	248,044		39.3	%	259,173		44.8	%	125,511		19.6	%
Total prospective reinsurance contracts	544,208		86.1	%	504,032		87.2	%	532,269		83.0	%
Retroactive reinsurance contracts	87,638		13.9	%	74,220		12.8	%	109,351		17.0	%
	$	631,846	100.0	%	$	578,252	100.0	%	$	641,620	100.0	%

Schedule of breakdown of the Company’s gross premiums written from brokers

The following table sets forth the Company’s premiums written by source that individually contributed more than 10% of total gross premiums written for the years ended December 31, 2019, 2018 and 2017:



	2019				2018				2017
Largest broker	$	160,404	25.4	%	$	198,251	34.3	%	$	243,581	38.0	%
Second largest broker	150,377		23.8	%	157,542		27.2	%	128,648		20.1	%
Third largest broker	137,685		21.8	%	70,524		12.2	%	107,612		16.8	%
Other	183,380		29.0	%	151,935		26.3	%	161,779		25.1	%
	$	631,846	100.0	%	$	578,252	100.0	%	$	641,620	100.0	%

Schedule of breakdown of the Company’s gross premiums written by domicile of the ceding companies

The following table provides a breakdown of the Company’s gross premiums written by domicile of the ceding companies for the years ended December 31, 2019, 2018 and 2017:



	2019				2018				2017
United States	$	326,987	51.8	%	$	326,261	56.4	%	$	352,539	54.9	%
United Kingdom	154,909		24.5	%	63,619		11.0	%	203,768		31.8	%
Bermuda	142,246		22.5	%	93,406		16.2	%	62,234		9.7	%
Other	7,704		1.2	%	94,966		16.4	%	23,079		3.6	%
	$	631,846	100.0	%	$	578,252	100.0	%	$	641,620	100.0	%